Residential property prices increased by an average 10 per cent last year, according to the Property IQ Value Index, produced by Quotable Value.

The national average house price was $466,022 at the end of December, up 10 per cent on the same time in 2012 and 12.5 per cent ahead of the last market peak in in 2007, the index showed.

In the main centres, average values were up 15.4 per cent in Auckland, 5.8 per cent in Hamilton, 4 per cent in Tauranga, 3.1 per cent in Wellington, 12.7 per cent in Christchurch and 3.8 per cent in Dunedin.

QV.co.nz research director Jonno Ingerson, said property values and the number of homes being sold both increased during the year.